§ 59.00 — Bids opened publicly; amendments; awards

New York § 59.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 4: Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
• Art. 2: Local Indebtedness

Text

§ 59.00 Bids opened publicly; amendments; awards. * a. All bids shall\nbe opened publicly at the time and place stated in the notice of sale,\nand not before, and shall be publicly announced. Prior to the time fixed\nfor such public opening of bids, a sealed bid may be amended by a bidder\nby delivery to the official to whom the sealed bid was delivered of a\nsealed amendment to such bid. No bid shall be amended by a telegraphic\nor telephonic communication, except that an electronic bid may be\namended in the same manner in which it was originally submitted. The\nbonds shall be awarded to the bidder offering the lowest interest cost\nto the municipality, school district or district corporation, without\ntaking into consideration any adjustment to be made in accordance with\nsubdivision two of paragraph c of section 58.00 of this article, as\ncomputed in accordance with the net interest cost method or the\nactuarial or true interest cost method.\n * NB Effective until June 1, 2028\n * a. All bids shall be opened publicly at the time and place stated in\nthe notice of sale, and not before, and shall be publicly announced.\nPrior to the time fixed for such public opening of bids, a sealed bid\nmay be amended by a bidder by delivery to the official to whom the\nsealed bid was delivered of a sealed amendment to such bid. No bid shall\nbe amended by a telegraphic or telephonic communication. The bonds shall\nbe awarded to the bidder offering the lowest interest cost to the\nmunicipality, school district or district corporation, without taking\ninto consideration any adjustment to be made in accordance with\nsubdivision two of paragraph c of section 58.00 of this article, as\ncomputed in accordance with the net interest cost method or the\nactuarial or true interest cost method.\n * NB Effective June 1, 2028\n b. If it is a condition of the sale of bonds that every bidder may be\nrequired to accept a portion of the whole amount of such bonds for which\nhe has bid, at the same rate for such portion as may be specified in his\nbid for the full amount then any bidder may, in addition, offer to\npurchase all or none of such bonds on different terms.\n c. When the bidder to whom the bonds are to be awarded has been\nascertained, the municipality, school district or district corporation\nshall promptly return all security to the persons furnishing the same,\nexcept the security furnished by such bidder. Such bidder shall be\npromptly notified of the award to him or her, and if he or she refuses\nor neglects to pay either the agreed price for the bonds less the amount\nof any certified check, cashier's check or cash furnished as security,\nor the agreed price in full for the bonds if an eligible surety bond or\neligible letter of credit was furnished as security as provided in\nsubdivision three of paragraph c of section 58.00 of this title, the\nsecurity furnished by him or her, in whatever form, shall be forfeited\nto and retained by or claimed against or drawn upon by, the\nmunicipality, school district or district corporation as liquidated\ndamages for such neglect or refusal. However, if the notice of sale\nshall contain the statement set forth in paragraph e of section 58.00 of\nthis title and if prior to the delivery of the bonds any income tax law\nof the United States of America shall provide that the interest on such\nbonds is taxable, or shall be taxable at a future date, for federal\nincome tax purposes, then, at the request of such bidder the security\naccompanying his or her bid shall be returned to him or her and he or\nshe shall be relieved of his or her contractual obligations arising from\nthe acceptance of his or her bid.\n